Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2022

Contents

April-Home
Editor's Letter
Magazine article aboutIt-was-a-new-day-yesterday

It was a new day yesterday

Insurance
Magazine article aboutDWIC-2022-What-will-the-future-of-the-industry-look-like-

General

DWIC 2022: What will the future of the industry look like?

Profit margins under pressure for motor insurers

Motor industry trends and benchmarks

Insurance fraud: Leveraging technology to highlight blind spots

Life & health

Medical malpractice claims trends in the UAE

Market Profile
Magazine article aboutRegulation-in-high-gear

Saudi Arabia

Regulation in high gear

Life growth accelerates

General insurance ready for reform

Clear vision leads to clear growth opportunities

Paving the way for InsurTech growth

Profit woes persist

Health insurance in pole position

Turbulent year for reinsurance brokers

Legal developments for a rapidly changing market

Regulation
Magazine article aboutRegulatory-changes-from-a-two-year-pandemic

Regulatory changes from a two-year pandemic

Takaful
Magazine article aboutOvercoming-tech-barriers

Overcoming tech barriers

UAE takaful operators in turnaround bid

A value-based proposition for takaful

Revisiting the takaful model

Diversity & Inclusion
Magazine article aboutWomen-can-build-their-own-future-in-insurance

View from India

Women can build their own future in insurance

Actuarial
Magazine article aboutActuaries-must-be-valued-for-their-skills

Actuaries must be valued for their skills

Notebook
Magazine article aboutRetirement-and-savings-an-overlooked-segment

Retirement and savings - an overlooked segment

News

MENA

MENA: Russia President Vladimir Putin's invasion of Ukraine spells higher oil prices

Middle East and Africa: Gallagher launches new insurance business in DIFC

GCC: IFRS17 preparatory process seen as organised

GCC: Outlook for Gulf insurance markets improves on resurgent demand for oil

Egypt: Insurance market expands by 26% to over $3bn in 2021

Jordan: 18 insurers post one-third fall in combined profits in 2021

Qatar: New health insurance scheme to give insurance market a huge boost

Tunisia: Senegalese reinsurer grows in MENA through Tunis office

UAE: Investment gains drive aggregate net profit growth of listed insurers in 2021

UAE: EIC completes first phase of motor e-claims platform implementation

UAE: Fidelity United ready to compete following capital injunction

UAE: Africa Re launches DIFC branch

Global

Global: Russia prohibits (re)insurance from 'unfriendly states'

Global: ILS fund managers are re-underwriting and de-risking their portfolios

Reinsurers return more capital on very strong 2021 results

Takaful

Global: Slower sukuk issuance expected in 2022

Jordan: Al-Manara becomes a takaful operator

Morocco: Wafa Assurance adds Islamic insurance to group's business

Qatar: Al Khaleej back in the black

Saudi Arabia: SABB Takaful, Walaa sign binding merger agreement

UAE: Dar Al Takaful and Watania agree to merge

Global Risk Review

Cyber agencies join forces to warn businesses of mounting ransomware risks

Climate tops pandemic as top emerging risk

Lack of regulatory guidance stalls progress of ESG initiatives

January 2022 was Earth's sixth-warmest January on record

The sixth International Climate Report and insurers

'No end' to rising cyber threat for financial services

Ukraine invasion increases spill over risks of global cyber attacks

Less than half of US executives think supply chains will ease by late 2022

Product Bites

Bahrain: bni launches new cyber insurance solution

Oman: OIFC Khedmah signs a collaboration agreement with Dhofar Insurance

UAE: OIC partners with Aster to offer healthcare services for corporates and individuals

Diary
People on the move

People on the move

Events

Callidus Consulting celebrates 10th anniversary

Gen Re celebrates digital transformation and innovation

Market Profile

Saudi Arabia

Regulation in high gear

As the kingdom’s economy accelerates towards more growth and financial sophistication, the insurance regulator has a full agenda in preparing the sector for more competition and more integrated services. We look at some of SAMA’s more significant insurance initiatives over the past year.
 

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Life growth accelerates

Life insurance business in Saudi Arabia accounts for a modest share of the market’s GWP but this is about to change as faster growth has been witnessed over the past couple of years.
 

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General insurance ready for reform

The general economic surge, emphasis on infrastructure development, technological innovations, regulatory reforms and focus to achieve Vision 2030 goals spell some good times ahead for Saudi Arabia’s insurance industry.
 

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Clear vision leads to clear growth opportunities

Already one of the fastest growing insurance markets in the region, economic growth within Saudi Arabia is expected to accelerate as the central bank pushes through more changes as part of the national development plan, Vision 2030. This spells many challenges for the insurance industry, but at the same time, will provide a lot of opportunities for the kingdom’s reinsurers.
 

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Paving the way for InsurTech growth

Technology adoption in Saudi Arabia is still at a nascent stage and there may be a divide between insurers that are well-resourced and those that struggle to keep up with emerging developments. We spoke to Deloitte’s Mr Zeeshan Abbasi to find out what is needed for InsurTech to develop in the kingdom.
 

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Profit woes persist

Eleven out of the 13 Saudi listed insurers that published their 2021 financial results by mid-March 2022 reported declines in profits including six with net losses – a clear indication that the industry continued to be plagued by weak earnings and losses last year.
 

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Health insurance in pole position

Health insurance continues to be the dominant line of business in the Saudi insurance market. With recent regulatory developments, increased focus on healthy living and health insurers stepping up their digital transformation efforts, the future of the sector looks promising.
 

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Turbulent year for reinsurance brokers

The past year has been fraught for some reinsurance brokers in Saudi Arabi as they grapple with the realities of new regulations covering their activities. To gain some unique insights into the situation, we spoke to Kingdom Brokerage Re (DIFC)’s Mr Roger Tannous.
 

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Legal developments for a rapidly changing market

HFW’s Messrs Justin Whelan and John Barlow talk about how Saudi Arabia’s legal and regulatory landscape is developing to keep up with the changes sweeping through the country.
 

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